GoBank sent customers a letter saying that all GoBank accounts will be closed on October 31, and then replaced with a new product that customers can activate and use with a new card. I checked the official website, and it looks like the new one is issued on the Visa network, while the old one is Mastercard. It’s unclear whether this will create any restrictions on VGC load.
As a valued customer, we’d like to inform you that your current GoBank® account program is ending October 31, 2021. To help you through this transition and enjoy even more banking features, we are making it easy to upgrade your account to GO2bank™, the ultimate mobile bank account.Details about your account closing will be sent to the mailing address we have on file. Included will be an upgrade offer with more details on GO2bank, how to seamlessly transfer your account over to GO2bank by activating your new debit card, and how to continue direct deposits to your GO2bank account.
Please keep an eye out for this important mail arriving in a GoBank envelope.
In addition, GoBank also announced that starting September 16, Walmart will charge a $3.79 fee to reload a GoBank card there (this fee generally also applies to debit cards and Visa gift cards). Honestly, it’s kind of amazing that GoBank has survived this long. As long as you stayed under $5,000 per month, and tried to keep each load to $500, it could keep limping along. But adding a load fee is pretty rough, since it raises the cost by about 1%. That’s not a huge deal for meeting a welcome bonus, but for people trying to profit from this, the margins just got squeezed further.
We look forward to continuing to serve your banking needs.GoBank Customer Service